In a significant development in a high-value corporate fraud case, the Mumbai Police Crime Branch has filed a detailed chargesheet against former Lodha Developers Ltd director and CEO Rajendra Lodha, his son Sahil Lodha, and nine other associates. The accused face serious allegations of orchestrating an illegal scheme to sell company-owned land and Transferable Development Rights (TDR) through forged documents, causing losses estimated at hundreds of crores of rupees.
Details of the Alleged Fraud and Conspiracy
The chargesheet, filed by the property cell of the crime branch, outlines a complex conspiracy. It alleges that Rajendra Lodha, while serving as the director and CEO of the company, colluded with his son Sahil Lodha and others to misappropriate company assets. The primary modus operandi involved the unauthorized sale of prime land parcels and TDRs belonging to Lodha Developers Ltd.
To facilitate these illegal transactions, the group is accused of preparing and using forged contracts and other valuable documents. Furthermore, Rajendra Lodha is also charged with threatening the company's managing director, Abhishek Lodha, in connection with the case. The initial complaint, filed by company official Monil Gala, pegged the discovered misappropriation at around Rs 85 crore, though investigations suggest the total scale could be substantially larger.
Charges and Accused Named in the Case
The police have invoked multiple sections of the Indian Penal Code against the accused, including those related to criminal conspiracy, cheating, criminal breach of trust, and forgery. The chargesheet names the following individuals alongside Rajendra and Sahil Lodha:
- Deepak Lodha
- Babusingh Rajguru
- Bharat Narsanna
- Ritesh Narsanna
- Nitin alias Niles Vador
- Sheetal Palande
- Harshad Patil
- Mahesh Palande
The accused are charged with creating benami (proxy) companies and routing several crores of cash through illegal transactions to conceal the proceeds of the fraud.
Ongoing Investigations and Legal Representation
In a crucial move, the crime branch has sought permission for further investigation under Section 173(8) of the CrPC. This indicates that substantial amounts of gold and cash linked to the scam are still to be traced and recovered. Simultaneously, the Enforcement Directorate (ED) has initiated a separate probe into the money laundering aspects of the case, focusing on the financial trails of Rajendra Lodha, Sahil Lodha, and their associates.
On the legal front, the Lodha Group is being represented by the law firm MZM Legal LLP, while Rajendra Lodha has engaged DSK Legal for his defense. The case highlights the severe allegations of internal corporate malfeasance and breach of fiduciary duty within one of India's prominent real estate developers.
